PA reports $3.2B in May revenue, year-to-date revenue exceeds estimates

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• Year-to-date revenue totals $42.7B, exceeding forecast by 0.6%

• Sales tax and PIT revenue remain above yearly estimates

• Motor License Fund revenue up 4.1% over annual projection

Pennsylvania collected $3.2B in General Fund revenue in May, $66.3M below projections, but fiscal year-to-date revenue still exceeds estimates.

Revenue Secretary Pat Browne reported that Pennsylvania’s General Fund collections total $42.7 billion, which is $262.5 million above expectations.

“We’re in a very strong position 11 months through the current fiscal year, even though our collections for May came in slightly below our projections,” Browne said in a statement. “Our overall revenue collections currently stand within 1% of our original projections. That is a result of all the great work our research staff has done to build a dependable forecast.”

May’s sales tax receipts totaled $1.3 billion, which is $45.5 million more than anticipated. Year-to-date sales tax collections total $13.4 billion, $149.1 million above expectations.

Personal income tax (PIT) revenue in May was $1.2 billion, $35.2 million below estimate. Year-to-date PIT collections are $17.3 billion, $155.9 million more than estimated.

The month’s corporation tax revenue of $285.4 million was $87.4 million less than expected. Year-to-date corporation tax collections total $7.1 billion, which is $84.8 million below estimate.

May’s inheritance tax revenue was $159.1 million, $7.1 million above estimate. The year-to-date total of $1.6 billion is $25.9 million more than anticipated.

Realty transfer tax revenue was $59.6 million for May, $2.0 million above estimate. The fiscal-year total of $535.1 million is $12.8 million above expectations.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $183.2 million for the month, $2.8 million above estimate. The year-to-date total is $1.3 billion, $26.9 million less than anticipated.

May’s non-tax revenue totaled $73.4 million, $1.2 million below estimate. The year-to-date total to $1.3 billion is $30.6 million more than expected.

The Motor License Fund received $357.6 million for the month, $62.2 million more than expected. Fiscal year-to-date collections for the fund — which include the gas and diesel taxes, as well as other license, fine and fee revenues — total $2.9 billion, $112.1 million more than anticipated.